Information Technology firm Mphasis on Thursday reported a 12.8 per cent decline in consolidated net profit at Rs. 154.7 crore for the quarter ended March 2016 from the corresponding period last year.
The company, in which private equity firm Blackstone picked up a majority stake last month, had registered a net profit of Rs. 177.6 crore in the January-March 2015 quarter.
Mphasis saw net sales rise 6.17 per cent to Rs. 1,517.2 crore in the reported quarter from Rs. 1,429 crore in the same period last year, it said in a regulatory filing.
Revenues from banking and capital markets segment stood at Rs. 734.3 crore while that of insurance was at Rs. 245 crore in the said quarter.
Revenues from IT, communication and entertainment verticals stood at Rs. 162.5 crore while emerging industries chipped in with Rs. 375.9 crore.
For the fiscal, net profit dipped marginally to Rs. 669.3 crore while revenue was higher by 5 per cent at Rs. 6,087.8 crore from the previous year. “The year 2016-17 will see greater predictability and acceleration of our business,” Mphasis CEO and Executive Director Ganesh Ayyar said.
During the reported quarter, Mphasis saw its direct international revenue growing 25.1% year on year. In April, U.S.-listed Blackstone had said it would invest up to Rs. 7,071 crore to acquire a majority stake in Mphasis from Hewlett Packard Enterprise. Blackstone India proposed to acquire HP’s 60.5% stake in the company, triggering an open offer for acquiring another 26% from other shareholders of Mphasis. — PTI
